Home Buyer Handbook 2018

STEP 4
CLOSING DAY
Closing day brings together all the parties in a real estate
transaction. It is sometimes called settlement or signing, but in
most cases, you will go to a Title Company to sign the paperwork
related to the purchase. The closing takes about an hour and will
be conducted by a trained representative of the Title Company
who will compile all the documents needed to transfer title in the
property and record those documents with the county. At closing,
the Title Company will prepare a new deed. Your lender will
require that you sign the loan documents and deed as evidence
that you are responsible for repaying the loan. You may be asked
to set up an escrow account. This is a neutral depository for funds
that will be used to pay expenses incurred by the property such as
taxes and property insurance that are due in the future.
There is little a Buyer needs to bring to closing other than their
state-issued identification and possibly a cashiers check for any
amount above and beyond the loan. Be prepared to sign multiple
pages of documents.
If there is a mortgage involved in the transaction, the funding will
occur soon after the closing. Once the funding and final recording
have happened, the Seller receives their payment for the home
and the Buyer receives ownership…the keys, garage door
openers, etc.
Congratulations! We made it and you have a home.
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